Economy still in upward phase despite weak figures

Victor K. Fung, chairman of Fung Group, a Hong Kong-based multinational comprising major subsidiaries in trading, logistics, distribution and retailing, said China's landmark transition from a producing to a consumption power will bring about enormous opportunities for the business community.

China's GDP growth target for 2014 set at 7.5 percent

Infographic: Five key words from Li's govt report

"During the past few years, the whole change has shifted from 'made in China' to 'made and sold in China'. The most significant thing that happened in the past 30 years, in my mind, is a shift from a billion workers to a billion consumers," he said.

This great diversion will bring tremendous changes to the global supply chain, according to Fung.

"Before, I would say, the supply was quite simply one of sourcing in Asia and China and selling to the West. It is a one-way direction. Now it has become more nuanced. Yes, it is producing in Asia and China but also distributing in Asia and China," he said.

Former Japanese prime minister Yasuo Fukuda, chairman of the board of directors of the Boao forum, said that thanks to "Abenomics", Japan has finally stepped out of deflation, which would provide another bright spot for the region.

He said that along with the consumption tax increase from 5 percent to 8 percent, which boosted fiscal revenue, the Japanese government will soon roll out a 6 trillion yen ($58.6 billion) spending package.

That is expected to help lift corporate confidence and raise salaries, which in turn could raise consumption and pull Japan out of its deflationary cycle.

 

Economy shows 'optimistic changes': Li

Manufacturing under lingering pressure